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Cheeseburger in Paradise, representing all 8 Cheeseburger in Paradise locations decreased For the fiscal year, Cheeseburger in Paradise same-store sales were down While these sales results are below our expectation for this brand, it's overall store level profit remained positive in fiscal but below its performance last year.

We have closed 1 of the 8 Cheeseburger locations in Maryland in fiscal Our overall for the business segments, store level profit defined as restaurant sales plus vending revenue less cost of food, payroll and related costs, other operating expenses and occupancy cost was Store level profit was The decline in margin for both at the fourth quarter and the fiscal year was driven primarily by declines in same-store sales.

And to the lesser extent, higher restaurant operating cost for repairs and maintenance and other operating expenses.

Moving on to our Culinary Contract Services business segment. We ended fiscal with a profit margin of Turning to our Fuddruckers franchise business segment.

We ended fiscal with a domestic and international franchise locations, level with the end of fiscal during the year, we had 8 new locations opened and some legacy locations closed.

The lower corporate overhead included reductions in overall compensation expense, corporate travel expense, marketing and advertising and outside professional services fees.

Our year-over-year results began to more closely track the prior-year during the second half of the year. To point out an industry comparison, we believe that we were impacted by the following.

Peter will be covering our operations action plans to improve performance in a moment. And we continue -- as we continue to curtail our capital investments.

Before turning the call over to Peter, I'd like to comment on the performance we have seen in the first 8 weeks of fiscal Again, this is not necessarily an indicator for the full year.

But we would like to share the results with you now for both Luby's and Fuddruckers same-store sales are trending positive, while sales at Cheeseburger in Paradise continue to be challenged.

And our Culinary Contract Services segment is on track to show meaningful growth in With that, I'd like to turn the call over to Peter Tripoli, our Chief Operating Officer, for an update on operations and marketing.

Peter Tropoli, Luby's, Inc. Thank you, Scott and Chris. I will outline the tactics and strategies we're employing to improve our company moving forward and speak to our brands.

Our most critical challenge and immediate need as an organization is profitable sales initiatives. This means our ability to increase the visit frequency of our guests, attract new guests into our restaurants, create new revenue streams and increase our check averages.

To do this, we must become an even more hyper-guest-focused organization. We must constantly make ourselves more relevant to guests and better answer what's in it for me to them.

This needs to happen at all points of our customer experience loop. And our vehicles to success remains in our team members.

Operationally, we're addressing this through the following. First, we're striving to be able to speak to our guests more directly and personally.

We can meet their needs better once we understand them better. We worked with the top loyalty group to help us craft the next phase of our loyalty and recognition platform, in all of our brands moving forward.

We're elevating our eClub into a central companywide guest database, thereby creating a CRM, or loyalty platform.

Our loyalty program will live on an app that we're developing for each brand. The app will house both mobile ordering and as well as loyalty.

And we'll balance it to attempt to maximize the impact between informing, promoting, incenting and rewarding. This will provide a greater platform for guest communications and help us tell them all the great things going on at our brands.

The rewards will be based on a surprise-and-delight strategy, which includes distinctive moments, promotions offering that are unique to each customer and delivered across channels.

Next by elevating culinary and new product development innovation. We intend to increase our appeal and relevance, differentiation and of course, create new revenue streams.

Our focus is on taste and flavor, disciplined store level testing, trial and training. This is very recipe- and process- driven -- and innovation relates to new and existing items as well as legacy ones reviewing and reflecting the best ingredients preparation techniques and recipe updates.

This process is led by our executive team as well as our chefs partnering with our units to ensure execution.

Building our brand equity means refining our brand strategy, brand story, what we stand for, our unique points of view, our identity, how we show up in the world as well as the operational implications for each of our brands.

We've retained the third parties to help us with this process, and we'll use the insights to improve our tactics and to improve customer experience results going forward.

And finally, elevating store level operations is really -- continues to be the linchpin, a crucial difference maker.

This means hot delicious food, helpfully served with a smile, every meal, every day to every guest at every restaurant we operate and every franchise location.

We also rolled out 2 new store level workflow organizational program allowing us to better monitor our performance, report standardize control and gain visibility into workflow throughout our organization.

In both cases, visibility will breed accountability. From a brand standpoint, I will share a bit on how these -- how we're supporting these initiatives.

And I am pleased to, building on what Scott said, I'm pleased to comment on the performance we've seen in the first 8 weeks.

Where Luby's and Fuddrucker same-store sales have been trending positive. Luby's continued its positive momentum in September, which was primarily driven by the Houston market.

And then we rolled out in October, our fall into flavor menu featuring a number of new seasonal items, many new selections including mango chili chicken, holiday pot pie, braised lamb shank, beef stroganoff, braised oxtails, rosemary crusted roast beef are just several of many items that we've introduced, way too many to mention.

Other sales initiatives areas of concentration at Luby's include suggested sale add-ons at out Cafeteria counter, deserted Cashman's emphasis, promoting our new ounce drinks and drink attachments.

Selected mid-day discount offers at a handful of units only. Breakfast tacos that selective units with drive-throughs, catering, third-party delivery aggregators such as UberEATS, family packages offer-to-go, upgraded coffee offerings and grab-and-go offers near the point of sale.

Beginning with our Luby's holiday offerings, we recently launched several campaigns to reinforce brand awareness and consideration as well as online ordering and gift card purchased conversions.

You will see these ads on social platforms such as Facebook and Instagram as well as on mobile apps, websites, Gmail or performing a search in Google.

At our Culinary Contract Services segment, we grew our revenue in the fourth quarter and are on a path to show meaningful growth in In addition to our traditional health care and business office settings, we now also operate at 3 sports stadiums.

We have several new accounts coming online as well, we are pleased with this trajectory of this segment. At Fuddruckers, recent specialty burger limited time offers have been more successful and have raised our menu mixes in recent months, helping us to raise our per-person average.

From a culinary standpoint, recent LTOs included our bourbon burger and our stuffed turkey burger. Our avocado crunch burger limited time offering was our most successful yet.

Finally, recent shake LPOs included a banana cream pie shake, mocha cappuccino and soon a salted caramel cookie shake. At Fuddruckers, we continue to work with third-party delivery aggregators such as UberEats and GrubHub to continue to expand our reach, which we've been doing for over a year.

From a technology standpoint, we are testing and rolling out more self-serve stations at Fuddruckers and working to complete an update of our mobile app to incorporate loyalty and rewards functions.

And we continue to work with our latest store prototype of 4, square foot in-line unit north of Houston. This restaurant features 2 self-order stations in addition to the traditional cashier-led points of sales, an open kitchen as well as patio and banquet rooms.

We continue to work very closely with our franchisees or work leadership board to improve our brand together and to align ourselves better as a brand.

We continue to work with a top restaurant brand marketing group towards the updating and rebranding and repositioning at our Fuddruckers brand, including menu optimization, look and feel of decor and packaging.

Additionally, new franchise development is a crucial component to our plan. Our franchise operations team is working a large list of prospective candidates, several of which we are engaged in active discussions with.

Our team is also focusing on sales building and improved restaurant operations at our franchise units, increased emphasis on adhering to our brand standards is the first step.

We're completing a marketing checklist on each restaurant to ensure complete participation on our sales building programs.

With regard to our liquidity. That concludes my remarks. And I will now turn the call over to Linda Massman, who will discuss the company's outlook.

Hello, everyone, and thanks for joining us today. As John stated, Q1 was a challenging quarter, and we delivered mixed results in the quarter. However, we are confident in our long-term position in the marketplace due to strong demand for our products and our focus on generating strong cash flow.

Now we'll talk about specifics. The first quarter was a mix of better-than-expected tissue shipment volumes due in part to solid demand and increased retailer promotional activity, which was more than offset by the very challenging industry-wide economic conditions in retail tissue, including tissue pricing pressure in the non-ultra categories and higher input costs, all of which resulted in lower-than-expected EBITDA.

As John stated, we are sold out of ultra quality tissue. And until the new ultra capacity at Shelby comes online, our ability to continue to enrich our product mix to offset pricing pressure in non-ultra segments will be limited.

So while tissue is under pressure, remember that our Paperboard division, which is roughly half of our business, is currently operating in stable-to-good market conditions.

Paperboard demand remains stable, and our backlogs were up from the fourth quarter and in line with industry trends. Our backlogs are tracking to similar levels as this time last year.

In addition, we continue to realize the benefits we expected from the acquisition of Manchester. However, input cost pressures are also affecting Paperboard as prices for wood fiber have increased due to high demand.

As we have continued -- as we have faced continued competitive pressures and increased raw material costs, we previously announced actions to further reduce costs, which include, first, our operating model work to reduce supply chain costs and headcount reductions at our Lewiston, Idaho converting operation.

We will continue to optimize our operating assets to match demand. We will -- have also recently announced a price increase for certain products and grades of tissue due to significant cost increases facing the tissue business.

As previously mentioned, we completed the pulp digester in Lewiston last quarter, under budget and on time. But the ramp-up to the expected production and yield benefits has been slower than anticipated but is still tracking to an average startup.

We are focused on stabilizing production consistency and yield improvement, and we expect it will take until the third or fourth quarter to reach full run rate.

Regarding our new tissue machine, converting and warehouse project in Shelby, North Carolina. The project is progressing on schedule and within budget.

The paper machine is currently being shipped to the mill, and the converting and construction of the warehouse buildings are well underway.

And as a reminder, this project will address our capacity constraints to serve our customers' projected growth in the ultra tissue segment.

It also gives us additional flexibility to eliminate supply chain inefficiencies in our current network. Now I'll provide our view on the market environment for each of our businesses and our expectations for the second quarter.

Private brands grew 1. However, the longer-term trends towards consumer adoption of private brands continued to improve. And compared to a year ago, private brands grew 6.

I'd like to note that starting in Q1, we had started to use IRI panel data instead of IRI point-of-sale scan data to provide a more comprehensive overview of the U.

The most current RISI forecast for net new North American tissue capacity from through is , tons, which was down 66, tons from RISI's forecast at the end of Q4 due to a closure now scheduled for the second quarter of Over the next 2 years, RISI's schedule of capacity additions predicts , tons coming online in and , tons in Over the last 12 months ending January, net imports totaled , tons.

Turning to our Pulp and Paperboard business. The market environment for North American paperboard is encouraging.

RISI's outlook for is for a balanced market, and their current forecast for operating rates is now expected to average This is up from an already favorable RISI reports Chinese ivory board mills are shifting their focus more towards their home market due to growing demand and production constraints on recycled Chinese box work.

Additionally, European mills have increased their focus on filling the folding box board gap in Asia. In turn, this will benefit the domestic SBS market by reducing imports into the U.

With this market environment in mind, let's turn to my final topic today, our second quarter outlook compared to Q1. With that volume recovery and our work with the operating model changes, we expect to recover most of the related lost profit by the end of We're projecting our consolidated adjusted operating margin for Q2 to be in the range of 2.

The key variables we see determining where we land in that range are paperboard market conditions, branded tissue promotional activities and changes in customer and consumer demand in tissue.

For the full year, we expect to see continued industry-wide economic challenges in tissue, including non-ultra tissue pricing pressure, higher transportation in pulp and wood fiber cost, with the partial offset from improved paperboard pricing.

While we're not providing a full year outlook due to economic uncertainty across a number of key drivers of our financial performance, we would like to update you on our current thinking on the 4 key variables that we believe will determine the final outcome.

While we are facing some challenging economic headwinds, we are aggressively focused on continuing to drive cost out and improve the efficiency of the Consumer Products operating model, which includes recovering margin on the lost volume of our largest customer by substantial reductions in labor, transportation and other operating costs; developing a regional service model to reduce transportation and other service costs; evaluating our asset footprint to optimize the network and deliver target margins; and rationalizing product SKUs and redesigning products to reduce manufacturing cost and complexity.

We are confident that our leading market positions in both private label at-home tissue and SBS packaging, combined with our continued focus on driving out cost and improving efficiencies, will result in achieving our priority, which is to generate strong cash flows and improve our ROIC.

In closing, our priorities, which include ensuring our Shelby expansion plans are executed well, we reach our predictive production run rates with continuous digester in Lewiston later this year and continuing to streamline our operations, will make us a stronger, more capable company for our employees, customers and shareholders.

Thank you for listening to our prepared remarks. We'd now like to take your questions. Linda, just one other -- just one quick thing on those 4 key variables.

You left out the maintenance, obviously. And are there any other big buckets -- I know that you had talked about it [now], were there any other big buckets besides those 5 that we ought to be cognizant of?

No, I think we thought about which ones we wanted to talk about, so let's -- we'll leave it at that. Linda, I've asked you this on several recent calls, just about tissue.

Industry conditions remain extremely challenging for you and your competitors. You talked about you expect your pricing to be down this year, you have significant cost inflation.

What -- why do you remain confident that you'll get a good payback on this investment given these seemingly exceedingly challenging conditions not only now, but you talked about the capacity that's coming on over the next 3 years that's rather substantial?

So it's not clear to me why industry conditions would improve at all over the next 2 to 3 years, perhaps you're thinking differently. So Adam, thanks for that question.

It might be a little bit of a long-winded answer here, so bear with me. Let's just take a step back and widen the lens just a bit.

I think everybody would agree that the broader paper industry has a long history of being cyclical.

The tissue sector of this industry is no different. So we're currently facing economic headwinds in tissue. But as I said in my prepared remarks, the Paperboard business, which is roughly half of our business, is operating in stable-to-good market conditions.

We want to just remind everybody of that. We're also confident that our leading market positions in both private label at-home tissue and SBS packaging, combined with all the actions we're taking to focus on driving out cost and improving efficiencies, are going to help us achieve the priority that we're very focused on which is generating strong cash flow and improving our ROIC.

Now when we look at operating in a cyclical industry, it's just that, cycles. It comes and goes with regard to different economic cycles.

We believe it's important that we make good strategic decisions throughout the cycles and consistently create value that our customers and, ultimately, our shareholders, will benefit from.

Now if I go back and answer specifically on Shelby and why we believe that makes sense, we absolutely believe our Shelby project makes strategic sense.

And just as a reminder, I know you know this, but in case others on the phone don't know it, we've been a leader in the private label tissue business for well over a decade.

And it's because we partner with the best, the very best retailers, to bring high-quality products that consumers value.

So we talked a little bit about the ultra tissue category on previous calls, it is the fastest-growing segment of the tissue -- at-home tissue market.

And we talked on today's call, we're sold out of capacity in ultra quality, and we invested in Shelby to be able to secure capacity to meet our customers' growing needs and to remain a leading position with retailers.

So that was the strategic premise of the Shelby investment. Talking a little bit about trends. And so of course, viewpoints can differ on trends.

But how we see this is the trends continue to point to growth in private label, both from a retailer perspective, it being a priority for them, and from a consumer perspective.

And we believe with this Shelby capacity that we are, and we will be, well positioned to benefit from those trends as they begin to emerge.

And then also, maybe just backing up, when we make large capital investments like you have to do in this industry, that's just how it works with regard to adding capacity or even some of the digester projects, they're just -- they're big capital investments, we make them from a very strategic perspective.

And we think about how much long-term value they're going to create and making sure that they have sustained value creation. They're not short-term decisions.

So the other aspect that we thought about with regard to Shelby is we believe the winning retailers will develop strong private label brand portfolios, and we think they're going to do that to differentiate themselves and capitalize on the trust that they have been building up all these years with the consumer.

And we think that's a far better strategy than an undifferentiated strategy of just being a reseller of national brands. And we want to partner with those retailers that are focused on driving that very differentiated, high-quality private label offering.

And we think the market's poised for growth. So it's a long-winded answer to your question to give you a little bit more insight.

John, just a couple on balance sheet and cash flow items. So your leverage was 4. Based on your 2Q guidance, it looks like it'll be -- I don't know what your cash burn will be in 2Q, but your leverage would presumably go up a bit sequentially, maybe up to 4.

I know you recently loosened your covenants. So you're at -- I think your maximum leverage is 4. Based on what you outlined here today, what do you expect your leverage ratio to head to later this year?

Do you think it'll be above 4. And I guess after our results this quarter and our outlook for next quarter, it's a little tighter than I -- if you would ask me that question a few months ago.

But I would say, we're going to be in the 4. I think even in a downside EBITDA kind of scenario, we do have enough tools in our tool chest, so to speak, between managing timing of CapEx and some other working capital knobs that we feel comfortable that we won't find ourselves in a breach kind of situation.

Other part of your question, as you look out into , now one thing you'll see is that CapEx will begin to drop off in the fourth quarter this year as it relates to Shelby and then finish in the first quarter.

So that far out shadows what we're spending -- we'd spend on, on the maintenance outages. So we feel that we'll very quickly, in the first quarter, begin to start paying down on the line of credit, and that will become less and less of an issue as we move through ' So your -- it's going to be -- even if you generate cash next year, you'll have that challenge to deal with, right?

And just from a -- your CapEx expectations for next year, what again, John? Sorry, I missed that. Adam, we haven't necessarily given that for next year.

And just last one on the consultant you hired. What, if anything, has that -- what have you learned from that consultant? Or what are you doing differently as a result?

We're done with the consultant as it relates to that. We've developed our plan that we're going to be executing over the next year, but we made changes around organizational structure that they worked with us.

We made changes around headcount and changes around how we do our work so we can reduce headcount. And so it was kind of all of those things that they helped us with.

Just maybe to start with Consumer Products, it seems like every call, or between calls, we get another couple of tissue capacity additions announced.

I like that the way the trends are going are more ultra product, but it seems like all the capacity additions are falling in that category as well.

You cited in the quarter the pricing pressure on the non-ultra categories, maybe you could give us an indication of what percentage of your tissue is non-ultra, and then -- pre-Shelby 2 and then post Shelby 2?

Yes, so we've got , tons of capacity, and , tons are currently ultra, so we'll add another 70, tons with Shelby. And then just -- you cited higher promotional spending in the quarter.

Just trying to understand what that promotional spending is related to private label, I thought that wasn't an expense that you'd necessarily see.

Yes, I mean it can go both ways in terms of sometimes it's the retailer that funds it, and sometimes it's us.

So that's kind of a negotiation. So it's not only you're seeing lower pricing among the non-premium grades, but now it looks like there's a trend to more promotional spending by you with your partners?

Paul, that's some of it, but most of what that promotional spend resulted in was increased volumes for us. So we ended up having to move product around to support those promotions in the quarter, which is right, I mean we want to have that strong demand, especially leading into this capacity that we're putting in, and so we just had to take care of that increased demand.

And then we've seen rising pulp prices for about 1. And typically, we would see some pushback by the tissue industry in terms of a price increase or desheeting.

Why isn't that going on right now? Is that because of the changing customer mix right now? Yes, so we are seeing some desheeting across the market, and we'll look at that as well.

And then we announced, as I said, Paul, a price increase that we'll implement across certain segments and certain customers. Anybody joined you on the price increase?

And then just maybe switching over to paperboard. Yes, I guess the lag could be anywhere from about 30 days, depending on the nature of our relationship with the customer from once it gets recognized by RISI Price Watch, to contractual ones where they could be reset every 6 months or every year.

So given the mix of your contracts, what should we expect in terms of that lag? Is that a one-quarter lag? Is that a 2-quarter lag?

What -- can you help us out with that? I think full implementation across everything, I'd say, 2. That might be a little conservative, but I'd say 2.

And then just in respect to -- just lastly, in respect to the digester at Lewiston and the ramp-up, which seems to be a little bit slower than you expected, what are the main issues in terms of dialing that up?

It's a new piece of machine, I would have thought it would have been -- and it's not anything state-of-the-art. I mean, it's probably a state-of-the-art digester but it's not a new piece of equipment and lots of people started this up.

What are the issues associated with it? Yes, so just as a reminder, we did start the digester up under budget, on time, so that was great.

We actually had expected an accelerated start-up curve. We're now on a more normal start-up curve I would say.

And obviously, we're disappointed that we weren't able to bend that curve a little bit to our advantage, but we are confident we'll get the savings that we're expecting from the project.

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However, our office remained fully functional and our IT systems stayed in order. We were very fortunate that with plus units in harms way, no Luby's suffered major damage and only 2 Fuddruckers sustained flooding damage and remained closed for restoration.

As we've been in the stores and communicated with our employee, I cannot say enough about the teams that we've built. The teams worked tirelessly to get all of our restaurants cooking again so we could feed the communities that we love and serve.

I want to thank our team for their extraordinary service and acknowledge their great work, managing this difficult situation, working tirelessly on behalf of our guests and the company.

Our entire company is proud to be Houston strong. Turning now to our operational and financial performance for the quarter in fiscal We did the year, encouraged with continued progress of operational and guest initiatives that were implemented to help improve guest service, store level profit and EBITDA going forward.

However, we still remained in a challenging economic environment with industry pressures that are affecting sales growth.

With that backdrop, our same-store sales declined 3. After the hurricane, sales trends improved significantly as we move through the second half of fiscal More details are included in our press release.

The sales declined did not deter us from the cost control program initiated early in the year. And we have realized cost savings in many areas of our operations, including corporate overhead, certain restaurant operating costs and a decreased level of capital spending.

In addition, our Culinary Contract Services revenue grew significantly in the fourth quarter and is on the path to show meaningful growth in fiscal Finally, from a strategic perspective, our preference has always been to own a property at our restaurant locations especially for the Luby's brand.

Over time, that ownership provides options, particularly, when the neighborhoods change, highway systems or market changes over time. Many of our restaurants have been in operation for more than 30 years and in some cases, we have seen those areas change significantly.

We continually review the ongoing performance of all of our restaurants and make certain determinations based on historical results, local market conditions and other factors that may result in restaurant closures.

In fiscal , non underperforming company-owned restaurants were closed that in the aggregate were not contributing to profitability.

Our long-term plan is to redeploy these proceeds into investments with more suitable return characteristics. In the interim, we continue to develop low capital areas of our business, such as our Culinary Contract Services and our Fuddruckers franchise segments.

We also sold one company Fuddruckers franchise location to one of our largest franchisees in fiscal I will now turn the call over to our CFO, Scott Gray, to review key financial metrics from the fourth quarter and fiscal Scott Gray, Luby's, Inc.

Before I get started, please note that we posted our investor presentation on our website found at lubysinc. Presentation contains some additional information that we believe will be helpful to our investors.

Investors may also find useful results, highlights of our results and year-over-year comparisons in our press release and 8-K filed after the market closed yesterday.

As a reminder, our fourth quarter and fiscal had one less operating week than the prior year. Beginning with our company-operated restaurant business segment.

Restaurant sales in fiscal decreased 5. Same-store sales would have been down only approximately 2. With regards to fiscal fourth quarter sales.

Only week-toweek year-over-year basis, Luby's Cafeterias Same-store sales decreased 4. The decrease was a result of an 8.

Hurricane Harvey reduced Luby's same-store sales by approximately 3. It remains one of our biggest opportunity, areas for improving company profitability who work on growing sales, leading to improved margins.

For the fiscal year, Luby's cafeteria same-store sales were down 3. Fuddruckers restaurant same-store sales decreased 3.

The decrease was the result of a 7. Hurricane Harvey reduced Fuddruckers same-store sales by approximately 2. For the fiscal year, Fuddruckers same-store sales decreased 1.

Combo unit locations same-store sales representing 6 combo locations, declined 7. For the fiscal year combo same-store sales were down 5.

Cheeseburger in Paradise, representing all 8 Cheeseburger in Paradise locations decreased For the fiscal year, Cheeseburger in Paradise same-store sales were down While these sales results are below our expectation for this brand, it's overall store level profit remained positive in fiscal but below its performance last year.

We have closed 1 of the 8 Cheeseburger locations in Maryland in fiscal Our overall for the business segments, store level profit defined as restaurant sales plus vending revenue less cost of food, payroll and related costs, other operating expenses and occupancy cost was Store level profit was The decline in margin for both at the fourth quarter and the fiscal year was driven primarily by declines in same-store sales.

And to the lesser extent, higher restaurant operating cost for repairs and maintenance and other operating expenses. And just from a -- your CapEx expectations for next year, what again, John?

Sorry, I missed that. Adam, we haven't necessarily given that for next year. And just last one on the consultant you hired. What, if anything, has that -- what have you learned from that consultant?

Or what are you doing differently as a result? We're done with the consultant as it relates to that. We've developed our plan that we're going to be executing over the next year, but we made changes around organizational structure that they worked with us.

We made changes around headcount and changes around how we do our work so we can reduce headcount. And so it was kind of all of those things that they helped us with.

Just maybe to start with Consumer Products, it seems like every call, or between calls, we get another couple of tissue capacity additions announced.

I like that the way the trends are going are more ultra product, but it seems like all the capacity additions are falling in that category as well.

You cited in the quarter the pricing pressure on the non-ultra categories, maybe you could give us an indication of what percentage of your tissue is non-ultra, and then -- pre-Shelby 2 and then post Shelby 2?

Yes, so we've got , tons of capacity, and , tons are currently ultra, so we'll add another 70, tons with Shelby. And then just -- you cited higher promotional spending in the quarter.

Just trying to understand what that promotional spending is related to private label, I thought that wasn't an expense that you'd necessarily see.

Yes, I mean it can go both ways in terms of sometimes it's the retailer that funds it, and sometimes it's us. So that's kind of a negotiation.

So it's not only you're seeing lower pricing among the non-premium grades, but now it looks like there's a trend to more promotional spending by you with your partners?

Paul, that's some of it, but most of what that promotional spend resulted in was increased volumes for us. So we ended up having to move product around to support those promotions in the quarter, which is right, I mean we want to have that strong demand, especially leading into this capacity that we're putting in, and so we just had to take care of that increased demand.

And then we've seen rising pulp prices for about 1. And typically, we would see some pushback by the tissue industry in terms of a price increase or desheeting.

Why isn't that going on right now? Is that because of the changing customer mix right now? Yes, so we are seeing some desheeting across the market, and we'll look at that as well.

And then we announced, as I said, Paul, a price increase that we'll implement across certain segments and certain customers.

Anybody joined you on the price increase? And then just maybe switching over to paperboard. Yes, I guess the lag could be anywhere from about 30 days, depending on the nature of our relationship with the customer from once it gets recognized by RISI Price Watch, to contractual ones where they could be reset every 6 months or every year.

So given the mix of your contracts, what should we expect in terms of that lag? Is that a one-quarter lag? Is that a 2-quarter lag? What -- can you help us out with that?

I think full implementation across everything, I'd say, 2. That might be a little conservative, but I'd say 2. And then just in respect to -- just lastly, in respect to the digester at Lewiston and the ramp-up, which seems to be a little bit slower than you expected, what are the main issues in terms of dialing that up?

It's a new piece of machine, I would have thought it would have been -- and it's not anything state-of-the-art. I mean, it's probably a state-of-the-art digester but it's not a new piece of equipment and lots of people started this up.

What are the issues associated with it? Yes, so just as a reminder, we did start the digester up under budget, on time, so that was great.

We actually had expected an accelerated start-up curve. We're now on a more normal start-up curve I would say.

And obviously, we're disappointed that we weren't able to bend that curve a little bit to our advantage, but we are confident we'll get the savings that we're expecting from the project.

Right now, our big focus is on process stability. And while it seems like a simple piece of technology, I would just say there's a lot of different variables that go into making this work, and the start-up, getting ramped up and on curve, and we're working through them carefully and methodically to make sure that we get those benefits delivered by the end of the year.

Our next question comes from Steve Chercover with Davidson. Steven Pierre Chercover, D. Some of my questions have actually already been answered.

Is that an easy way to think about it? I think if you took the midpoint of all that stuff and did your math, you're probably about right.

Is that fair to say? Yes, I mean, so minus 40 and then the paper benefit and transportation impact are about a wash, you got You're taking the high end of the tissue pricing.

So it was minus 40, so what's the lower end? So -- all right. So we got a fighting chance of being in the same zip code as last year but it's tough.

So I mean if I -- let's just say it is or , whatever you want it, , 4. So I guess, what we got to do here is figure out the trailing 12 months and just not focus on just the year for the covenant.

Yes, I mean, Linda talked in her comments about a lot of effort on the operating model, and we should start seeing some of the fruits of that labor in Q3 and Q4.

But that's -- I mean, that's a variable as to how much we get from that, the digester, whether we get an earlier and more of a benefit than we thought.

So I mean, those are the kind of different things that would vary, I guess, where we do end up in this, this year.

But that also then set us up for -- to be in a stronger position from a cost perspective as we go into So -- and I'm not trying to sound negative, but considering that things haven't really bounced your way, you haven't had a lot of good breaks in the last little while, if things -- if you don't get a good break, how onerous is it to -- if you breach the covenants, what does that entail?

Well, I mean, we've got a very strong relationship with the banks that are in the syndicate. And my expectation would be that getting a waiver would not be, I guess, using your words, onerous.

And have you -- calling pulp prices in the last year has been a losing proposition, but is there any consideration that, I guess, your counterparts, even the big guys who aren't integrated, might stop eating these price increases and start passing them on to the consumer or that's just -- fat chance on that?

I don't think we're going to try to speculate on that. But I will tell you, we're happy we invested in the digester and are a little bit less reliant on external pulp markets.

So as soon as we can get that curve up and running and on target, we'll be very happy around here. Now I think you said that your headcount's down year-over-year, is that correct?

Headcount's down year-over-year, is that correct? Yes, we said it was down versus end of Q4 ' So I think I saw in the local paper, either Spokane or Lewiston paper, that there were somewhere in the vicinity of [who were] scheduled to be eliminated, is that right?

Or was it more than that? And that has yet -- that has not happened yet. And Steve, that's really the operating model work that we're currently working on.

And of course, we take those kind of situations very seriously about our employee base. And this is more a function of what our customer demand is, where we have production and really trying to line out our network to most cost-effectively serve the customers.

And in this particular case, that has a negative impact on our Lewiston employees. And we had previously mentioned that, and that's yet to happen.

And last question, I mean, obviously, you're doing your best to mitigate the impact of freight, but I mean -- you also said that Shelby was going to diminish your logistical challenges.

But how does doubling down in one jurisdiction in terms of capacity lower your logistics? Yes, so as we look at the operating model work, assuming the new Shelby capacity, we're really going to be looking at how we can try to keep paper in a very regional way and really try to minimize those long hauls halfway across the country or even sometimes all the way across the country to a very bare minimum, especially given the current outlook on transportation.

So we can do that because we have this mix of product production across the country. From the west, we have both ultra and conventional.

And now in the east, when we start up the second Shelby machine, we will also have the capability to run ultra and conventional in the east.

So this will really allow us to try to optimize on a more regional basis where we're producing product and shipping it to.

So is -- this will be my last question. Is the current Shelby through-air-dried machine doing premium as opposed to ultra?

We make ultra on that machine. Our next question comes from Chip Dillon with Vertical Research. First question is the K seems to suggest that your capacity to make your own pulp is like 50, tons a year higher.

And I'm betting a lot of that, in fact, looking -- because you do it by mill, is Lewiston. Does it seem like that's unrealistic?

Because it seemed like, to us, that you would be able to substantially reduce your pulp purchases this year and that would maybe swing your pulp and fiber costs actually to a positive.

Even though we know there are cost increases there for wood fiber, it would seem like you'd be buying a whole lot less pulp.

But could you just update us on sort of how much in your forecast you assume you have to buy this year versus last year in terms of market pulp?

Yes, so we're going to be creating extra incremental for 50, tons of pulp in Lewiston with the continuous digester, which we expect it to be realizing as we sit here today.

The businesses which produce and sell the items prepare the following accounts at the end of its accounting year: The Manufacturing account to calculate the total cost of production.

For manufacturing organizations, manufacturing accounts will be needed in addition to a trading and profit and loss accounts.

In place of purchases we will instead have the cost of manufacturing the goods. For a manufacturing business the manufacturing costs are divided into the following types: Direct material costs are those materials used directly in the manufacture of products i.

These are wages paid to those who are directly involved in the manufacture of a product e. These are expenses that must be incurred in the manufacture of a product.

That is, they can be directly allocated a particular unit of a product e. The sum of all the direct costs is known as prime costs. These are any other expenses apart from the direct costs for items being manufactured: These are expenses that are administrative in nature, that is, expenses incurred in the process of panning, controlling and directing the organization.

These are expenses incurred in the process of selling, promoting and distributing the goods manufactured. These are expenses such as bank charges, discount allowed.

Format of the financial statements. This is debited with the production cost of goods completed during the accounting period: It also includes adjustments for work in progress goods that are part- completed at the end of a period.

This will be used in trading account in place for purchases. Final accounts of a manufacturer. Treatments of loose materials. The cost of loose tools consumed during the year is considered as a factory overhead in the manufacturing account and is determined as follows: Manufacturing account for the year ended.

Opening stock of raw materials. Add purchase of raw materials. Add carriage inwards if any. Less Returns outwards of raw materials.

Less Goods drawings if any.

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